WorldRemit commends restoration of money transfers to Nigeria

The restoration of this service comes after the decision of the Central Bank of Nigeria (CBN) to approve WorldRemit and other international money transfer operators (IMTOs).

At the beginning of August 2016, hundreds of IMTOs suspended their operations, leaving the Nigerian diaspora to rely on Western Union, MoneyGram and Ria.

Now WorldRemit has received a letter of approval from the CBN enabling its digital money transfer services to Nigeria to be resumed.

WorldRemit launched its service to Nigeria in 2011 when it pioneered low-cost instant deposits to all bank accounts.

The service provided the Nigerian diaspora with an easy, fast and secure way to send money home as well as bringing much-needed foreign exchange into the local economy.

Supporting the country’s move towards a cashless economy, 100% of transactions were either bank deposits or airtime top-ups.

Ismail Ahmed, founder and CEO of WorldRemit, comments: “We commend the CBN for reaffirming the country’s commitment to building an enabling environment and level-playing field for international money transfer services to Nigeria.

“The new environment will help to bring the estimated 50% of remittances to Nigeria that currently go through unregulated, informal networks into the formal channels.

“We’re grateful to the many Nigerians both at home and in the diaspora that supported our call for money transfers to be restored. A competitive remittance market provides Nigerians with greater convenience and better pricing.”

To celebrate the relaunch of its service to Nigeria, WorldRemit is offering promotional pricing of nominal $0.01, €0.01, £0.01 or equivalent in fees on all money transfers to Nigeria until September 30, 2016.

About WorldRemit

WorldRemit is changing the way people send money.

It’s easy – just open the app or visit the website, no more agents.

1. Transfers to most countries are instant – send money like an instant message.

2. More ways to receive (Mobile Money, bank transfer, cash pickup, and mobile airtime top-up).

3. Available in over 50 countries and 125+ destinations.

4. Backed by Accel Partners and TCV – investors in Facebook, Spotify, Netflix and Slack.

WorldRemit is the UK’s fastest-growing technology company (Deloitte Technology Fast 50 2015)

WorldRemit’s global headquarters are in London, UK with regional offices in the United States, Canada, Japan, Australia and New Zealand.

WorldRemit commends restoration of money transfers to Nigeria

JOIN OUR PULSE COMMUNITY!

Recommended articles

Nigerian Army hands over rescued Chibok girl, 3 children to Borno govt

Rivers crisis: Wike under fire for allegedly violating Tinubu's order

Pro-democratic group reacts to Jumbo's emergence as Rivers speaker

Nigerians condemn content creator’s ‘24-hour buried alive challenge’

Senate approves death penalty for drug traffickers

Ondo assembly warns petroleum marketers against fuel hoarding, price hikes

Rivers crisis: Fresh twist as APC group disagrees with Gov Fubara's impeachment call

Reps urge Tinubu to pay withheld salaries of ASUU, NASU, ensure full payment

Lagos Govt retrieves ₦478.13m, 18 properties from fraudulent agents in 4 years

Pulse Sports

There's Only One Winner - Arsenal's Bukayo Saka gives verdict on Nigerian and British food, namechecks Burna Boy

Onome Ebi: Super Falcons captain put curves on display to celebrate 41st birthday

‘You can't find another Osimhen in Europe’ — Former Juventus and AC Milan star warns Napoli can not replace Nigerian striker

DAVID AND VICTORIA BECKHAM: How the global soccer superstar and the Spice Girl-turned-fashion designer make and spend their millions

Chelsea set to offer Romelu Lukaku and cash for Super Eagles star Victor Osimhen

Mikel Obi: Super Eagles legend goes viral speaking Hausa